# APA Corporation (APA)

> Source: Nexqual · https://nexqual.com/APA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, APA Corporation (APA), nexqual.com/APA" · informational, not investment advice.

**Price:** USD 49.44 (+0.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 49.38 · day 47.83–50.12 · 52w 21.63–50.5 · market cap $17.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.61B, net income $1.68B (19.5% margin) (SEC filings).
- Valuation: P/E 10.3x (avg 6.7x at the last 3 fiscal year-ends), EV/EBITDA 3.4x, net debt $3.30B.
- 3 of 80 tracked superinvestors hold APA (13F, Q2 2026): 0 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $392K; 1 not under a Rule 10b5-1 plan ($392K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.68 on a 1–5 scale) (28 analysts), mean target USD 48.72 (range 37–63).
- Total return with dividends: 1Y +106.6% vs S&P 500 +14.9%; 5Y +108.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.56, revenue estimate $2.45B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $12.1B | $8.19B | $9.74B | $9.22B | $8.61B |
| Operating income | $2.86B | $5.57B | $3.70B | $2.44B | $3.09B | $3.82B |
| Net income | $1.31B | $4.08B | $2.85B | $804M | $1.43B | $1.68B |
| EPS (diluted) | $2.59 | $11.02 | $9.25 | $2.27 | $3.99 | — |
| Operating margin | — | 45.9% | 45.1% | 25.1% | 33.5% | 44.4% |
| Net margin | — | 33.6% | 34.9% | 8.3% | 15.6% | 19.5% |
| Revenue growth | — | — | -32.5% | +18.9% | -5.3% | — |
| Cash + short-term investments | $302M | $245M | $87.0M | $625M | $516M | — |
| Total debt | $7.51B | $5.45B | $5.19B | $6.04B | $4.49B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.3x · P/S 2.0x · EV/EBITDA 3.4x · EV/Sales 2.4x · P/B 2.5x · Earnings yield 9.68% · Dividend yield (paid, TTM) 2.05% · Net debt $3.30B · EV $20.6B
P/E at fiscal year-ends: Dec 2025 6.1x, Dec 2024 10.1x, Dec 2023 3.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold APA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.06% | $6.1M | Reduced -16.0% |
| Samantha McLemore | Patient Capital Management | 0.05% | $1.6M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $635K | Reduced -9.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | Maddox Mark D | Executive VP - Administration | 9,800 | $392K | 12.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.68 on a 1–5 scale), 28 analysts; mean target USD 48.72 (low 37, high 63).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Susquehanna | Target raised | Positive | $47 → $58 |
| 2026-10-15 | Scotiabank | Initiated | Sector Perform | $44 |
| 2026-10-15 | Mizuho | Target raised | Underperform | $36 → $44 |
| 2026-10-15 | Morgan Stanley | Target raised | Underweight | $41 → $43 |
| 2026-10-15 | RBC Capital | Target raised | Sector Perform | $47 → $49 |
| 2026-10-14 | Wells Fargo | Target raised | Equal-Weight | $50 → $51 |
| 2026-10-12 | UBS | Target raised | Neutral | $47 → $52 |
| 2026-10-12 | Truist Securities | Target raised | Hold | $44 → $45 |
| 2026-10-09 | Stephens & Co. | Reiterated | Equal-Weight | $49 |
| 2026-09-21 | Truist Securities | Target raised | Hold | $39 → $44 |
| 2026-09-14 | UBS | Target raised | Neutral | $41 → $47 |
| 2026-09-03 | Seaport Global | Initiated | Neutral |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +106.6% | +108.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +107.1% | +15.8% |
| Volatility (annualized) | 44.4% | 47.3% |
| Max drawdown | -27.7% (Mar 2026→Jul 2026) | -67.1% (Oct 2022→Apr 2025) |

## Peers (Oil & Gas E&P)
OVV (Ovintiv Inc. (DE)) USD 69.3 -0.80% · PR (Permian Resources Corporation) USD 24.4 -1.77% · EXE (Expand Energy Corporation) USD 92.96 +0.14% · TPL (Texas Pacific Land Corporation) USD 333.67 -3.09% · AR (Antero Resources Corporation) USD 39.04 +1.38% · RRC (Range Resources Corporation) USD 43.86 +2.14%

## More
Full page: https://nexqual.com/APA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oil & Gas | $2.37B | — | +9.0% |
| Oil & Gas Excluding Purchased | $2.04B | — | +18.6% |
| Oil & Gas Purchased | $336.0M | — | -27.0% |
| Total revenue | — | 100% | — |

## Customer concentration

Period ended 2025-12-31: 15% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-10-07)

- "While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depends on a number APA CORPORATION PROVIDES THIRD-QUARTER 2026 SUPPLEMENTAL INFORMATION AND SCHEDULES RESULTS CONFERENCE CALL FOR NOV. 5 AT 10 A.M."
- "CENTRAL TIME — PAGE 3 of 3 of risks and uncertainties which could cause our actual results, performance and financial condition to differ materially from our expectations, including as a result of the completion of quarter-end closing and financial reporting procedures, final determination of realized prices, final accruals and estimates for costs and taxes, and subsequent events."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.56 | $1.19 | +31.7% | $2.45B | 26 |
| Next quarter (ends 2026-12-31) | $1.82 | $1.09 | +67.1% | $2.53B | 25 |
| Current fiscal year (ends 2026-12-31) | $6.69 | $5.56 | +20.4% | $9.62B | 27 |
| Next fiscal year (ends 2027-12-31) | $5.24 | $4.10 | +27.6% | $8.63B | 26 |